Cisco posts bumper result

Cisco’s profit has spiked 63% in the thrid quarter on the back of record sales of $10.4 billion.

 

The networking leader announced net income of $2.2 billion as revenue rose 27%. 

 

“We witnessed a return to strong balanced growth across geographies, products and customer segments that we haven't seen since before the global economic challenges began,” said chairman and CEO John Chambers.

 

“From almost every measurement perspective – revenues, earnings per share, new products, successful acquisitions, internal startups – our results in Q3 were the proof points that our strategy is working and was probably the strongest quarter in our history.”

 

Net sales for the first nine months of the Cisco fiscal year were $29.2 billion, compared with $27.6 billion for the first nine months last financial year. 

 

Highlights for the quarter included a “smart city” agreement signed with Inchon, Korea and the formation of a cloud virtualization partnership with VMWare.